Education Budget 2023: With Rs 1.12 Lakh Crore, Education Sector Sees Highest Ever Budget Allocation

The Education Budget 2023 saw the highest-ever allocation for the education sector with Rs 1.12 Lakh Crore. School Education and Higher Education allotment increased by 8 and 7.9%, respectively.

At Rs 1.12 Lakh Crore, Education Sector Sees Highest Ever Budget Allocation In The union Budget 2023 (Representational Image)

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Finance Minister Nirmala Sitharman tabled the Union Budget 2023 in the parliament today, January 31, 2023. This was the first budget presented in the ‘Amrit Kaal,’ the 25-year period till India’s independence centenary. 

The Union Budget 2023 allocated a total of 1,12,898.97 crore to the education sector. The Education Budget 2023 saw an increase of 8621.25 crore in its allocation, compared to 104,277.72 crore in the previous year. 

The Education Budget 2023 marked an allocation of 68,804 crore for school education, which saw an increase of 8%, compared to 63,449 crore for the last year. Similarly, the higher education allotment with an allotment of 44,094 crore in the Union Budget 2023, saw an increase of 7.9%, compared to 40,828 crore for the previous year. 

With a whopping budget allocation of 1.12 lakh crore for education, the Union Budget 2023 has granted the highest allocation ever to the education ministry. Along with the increased expenditure on education for FY23-24, the India Budget 2023 also proposes some key reforms and initiatives to boost the quality of education at all levels and support upskilling of youth. 

Some of the key projects proposed in the Education Budget 2023 include the coming up of 157 new nursing colleges in co-location with existing 157 medical colleges, recruitment of 38,800 teachers and support staff for Eklavya Model Residential Schools, and setting up a National Digital Library for to facilitate the availability of quality books among students. 

The Budget 2023 further proposes to set up ICMR labs for research by public and private medical faculties, and new dedicated multidisciplinary courses. 30 new Skill India centres across states, and PM Kaushal Vikash Yojana 4.0 for the skill development of youth with new age courses for industry like Coding, AI, Robotics, Mechatronics, 3D Printing, and others have also been proposed in the Budget 2023.